Tag: Tax return (United States)

File Early With Free TurboTax Online

It definitely pays to file your taxes early, and according to the IRS about 14 million tax returns had been filed by the end of January, with just over 90 percent of thee filed electronically. These six reasons may help to convince you it’s a good idea to file early using free TurboTax online:

The average refund last year was about $2,800 and almost 75 percent of tax filers received a refund and of course a tax refund can be used for whatever you need it for.

Filing taxes with TurboTax early means that the IRS can send your information to FAFSA in plenty of time and this means that you can potentially receive financial aid for college, depending on your income.

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Free TurboTax online is accurate and quick to use, and of course it is guaranteed to give you the most refund and to save you money. Standing in line at your local tax preparation office is a thing of the past with TurboTax and the system’s simple to answer questions will allow the program to search through over 350 credits and tax deductions.

If you file electronically with direct deposit, the IRS expects to issue 90 percent of tax refunds within 21 days, meaning that you can get that much needed tax refund as quickly as possible. You can save up to a couple of months of interest just by paying off debts such as credit cards sooner rather than later.

Many tax procrastinators make simple mistakes on their ta return such as putting down the wrong social security number or not signing their tax return. It is also very easy to rush through your ta return if you are trying to do it at the last possible minute, and filing your tax return ahead of time can avoid these errors and make sure that you take the time to do everything thoroughly and accurately.

TurboTax really can save you time and money and get you the biggest possible tax return as quickly as possible. Using free TurboTax online allows you to have more of your money to spend and to file your return completely and accurately.

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Taxes 2014: What You Should Know To File

The tax filing season starts at the end of Jan. The IRS said that people can start filing their taxes 2014 returns on January 20.

Despite a last minute tax law that was passed by Congress, the tax-filing season will still start on schedule, according to the IRS.

Congress passed a bill that extended more than 50 tax breaks, which were due to expire next year. Under the new law, the breaks will not expire anytime soon, which allows taxpayers to claim them when they go and file their taxes. The law was signed by the president on December 19.

Photo by mleinet Taxes 2014

In the past, when tax laws were passed at the last minute, the filing season was delayed. However, that is not the case this time around, according to the IRS Commissioner.

The Commissioner said that the agency has reviewed all of the changes and they feel as if there is nothing that can prevent them from updating their systems and testing it out.

Many returns are filed during the first few weeks of the season, and this is mainly due to the fact that taxpayers want their refunds as soon as possible.

The IRS said that most refunds were issued within 21 days, if those returns were electronically filed. In the past, the agency said that filing taxes this way is the quickest way to receive a refund.

Refunds average around $2,800, and taxpayers should use TurboTax to file their tax returns, as they are a reputable service that has helped many taxpayers.

Tax Filing Tips For Taxes From TurboTax.com


As the deadline for filing 2013 taxes approaches, beginners are faced with a much bigger challenge. Many of them do not know that there are fines and penalties for missing the deadline. That is because they have never filed tax returns in the past. Mistakes are more likely going to be made, but proper preparation can help to minimize errors. For instance, putting all your financial records for the previous tax year in one place may help.

When filing for the first time, it is important that you consider getting help from a tax preparer. Alternatively, you can use a tax filing service like TurboTax.com to do your own taxes without help. The service can help you with both state and federal tax filing. TurboTax.com can make the process of filing 2013 taxes a pleasant experience for you. By simply answering a series of simple questions about your finances, TurboTax.com will enable you to claim all the tax deductions, credits and benefits for which you qualify, thereby helping you to increase your tax refund or reduce the amount of tax you are supposed to pay. While experience can teach you everything you need to know about taxes, TurboTax.com can be very helpful to first time tax filers.

Kara DeFrias
Kara DeFrias (Photo credit: TEDxCoMo (Columbia, MO))

During childhood, the word taxes may have meant very little to you. However, taxes may be the most important word in your adult life. To learn more about tax credits, deductions, filing deadlines and other important tax-related information, you may want to visit www.TurboTax.com. The site has everything you need to file your taxes correctly.

Tips on Doing Your Own Taxes


If you would like to do your own taxes, you will be happy to know that the process is actually simpler than most people think. Paying tax accountants to prepare your taxes may not be the best option especially if your finances aren’t complicated. To do your own taxes, you will need three things; accurate records of your annual income, some basic knowledge of the country’s tax code, and adequate time to work on your returns. The following is a step-to-step guide on doing your own taxes. If you have any outstanding questions, make sure to post your question here.

Income Tax Forms (Photo credit: Manchester Library)

Tax Filing Tips
1
Keep all your receipts for the year in an organized manner. Ideally, you should have a binder or a dedicated filing system for keeping all your tax-related documents. When it comes to doing your taxes, having everything neatly organized can be very helpful.

2
Go over your expenses and decide whether to itemize or claim the standard deduction. You can do the calculations on your own and use the higher amount. You may want to consider taking the standard deduction if you do not have high medical costs, or if you don’t pay real estate taxes or a high mortgage interest rate.

3
There are many tax forms, but the 1040 is the most popular. You will need to attach the W-2 form from your employer to show your annual income. If you have done some freelance work outside your regular working hours, you can declare it under business income if it exceeds $400.

4
For accuracy and simplicity, consider filing online or using a tax software. For instance, you can use free software like TurboTax and TaxAct online. The USAA, as well as many other banks, offers eFile services free of charge. Therefore, you may want to check with your bank first to see if this service is offered.

5
When filing your taxes, all you need to do is enter your personal details, annual income, tax credits and deductions into the appropriate tax forms or software. You can choose to send the W-2 form together with other forms, or enter the information in the corresponding boxes when eFiling. Tax forms usually have instructions to guide users on how to add and subtract different entries as required. Be sure to use a calculator for accuracy.

6
After submitting your tax returns electronically or through mail, you will need to enter the details of your bank account for withdrawal or direct deposit. While you can simply write a check to the IRS, this is not a popular option. After filing, you will receive an email from the IRS confirming receipt of returns.

Warnings and Tips

If your finances are complicated, be sure to consult with tax accountants.

Be sure to watch out for red flags because they can make your tax returns more likely to be selected for auditing.

IRS Options For Avoiding The President’s Day Rush


The President’s Day is a holiday that forms part of the busiest times for IRS telephone lines. The wait can however be avoided as the IRS is equipped with easy options for taxpayers to find the answers they need. They can save time by visiting IRS.gov. Below are some of the most frequently asked questions by taxpayers about taxes 2014 and how answers can be quickly found.

Taxpayers always like to know the status of their refund. Most refunds are issued by the IRS in not more than 21 days. Status of a refund can be checked on the IRS.gov site or via the newly updated IRS2Go Smartphone app. to get the refund status; a taxpayer would need certain information from his or her tax return. The information is updated every day, so checking more often than that is not necessary.

Internal Revenue Service (Photo credit: LendingMemo)

Some individuals may have missed getting a Form W-2. Employers are supposed to send this form, which is a Statement of Earnings, to their employees by 31st January. If someone has not gotten it by mid-February, he or she should first contact the employer to ensure they have the correct address in their records. Once all options with an employer have been exhausted, one can contact the IRS and they will send the employer a letter. It is however advisable to call when the President’s week has ended to avoid the long phone waiting times.

A taxpayer may wonder if he or she can get a copy of their tax transcript or return. Such a copy can easily be ordered on the website, on the Smartphone app or by mailing a Form 4506-T to IRS. Others may wonder what happens if they cannot pay their Turbo Tax 2014 bill. If someone owes taxes but cannot pay, the Online Payment Agreement Tool can be used. The tool can help someone figure out if they are qualified for installment agreement with IRS in a few minutes. For those with more serious tax obligations, there is an Offer in Compromise Pre-Qualifier. It helps determine if someone qualifies for an IRS agreement in which his or her tax liability will be settled for an amount that is less than owed.

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The Government Shutdown Will Delay The Start Of The January Tax Season


Delay The Start Of The January Tax Season

The government shutdown will have an effect on the tax season in 2014. There could be a one to two week delay on filling your 2013 tax return forms as a direct result of the government shut down in 2013.

The IRS lost sixteen days of work during the shutdown which came at a time when the IRS is typically very busy preparing for the upcoming rush of the tax season in January. Loosing nearly three weeks of work in the fall, is very difficult to make up before January.

Day 093/365 – Tax Time Phat Cash! (Photo credit: Great Beyond)

They will not accept or process any returns, online or in paper, until January 28 to February 4th. This falls at least one week later than the typical yearly start of January 21. You can send in your paper 2013 tax return forms early but they will not look at them until opening day, and you can not file an online form at all until the date they open for the season.

The IRS is doing everything they can to make the delay shorter but the new bill has changed many forms and these changes take time.

You can still prepare your tax return from your end as you always have, as long as you have current software as there are many updates that come with the new bill. You can also prepare with an adviser in advance so you will be prepared on the first day the IRS will take the 2013 tax forms.

It should also be noted though, that the filing deadline for tax payer remains the same, April 15. So there is a shorter season all around.

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